JULY 19, 2007

Spectre pushes BRDC to consider Silverstone plan

Spectre Development, the property company that wants to develop Silverstone, is pushing the British Racing Drivers Club board to allow it to make a presentation to the club members.

Spectre chairman Oliver Speight, whose association with the BRDC dates back to the 1960s, says that there is interest in his bid at the highest levels of motor sport. Speight says that he has a sustainable 15-year plan with ongoing funding coming from profits.

"Our proposals have been well-received by BRDC members and a recent overture from one BRDC board member clearly demonstrated that the true value of Spectre’s offer far exceeded the board’s perception of the proposal. Our offer would make the BRDC the richest club of its type in the world and reflects our passion for, and commitment to, the long-term future of Silverstone, as well as our affection for the BRDC. The club’s own presence at Silverstone would be preserved in perpetuity and its members’ rights and interests fully protected.

"Spectre’s vision is to create a 365-day prime leisure venue with motorsport as a core activity. This formula will not only enhance footfall to the circuit but will also provide the necessary financial requirement to fund the British Grand Prix."

Speight says that time is now important as Spectre has plans to complete improvements to the track, infrastructure, pit lane and media centre in time to save the British Grand Prix before Silverstone’s current contract with the Formula One group expires in 2010.

"Between now and 2010, the F1 contract renewal date, an estimated £200 million ($400m) of investment including the site acquisition, is a more realistic consideration than the recent forecast of the BRDC board. The need to act quickly is obvious. Income producing development is key to the future success of Silverstone and that is Spectre’s priority. The granting of the new F1 contract lies in the hands of Bernie Ecclestone, and he has stated he needs a professional promoter to stage the British Grand Prix from 2010 onwards.

"He needs a promoter with the showbusiness presentation and ability to provide vital reinvestment over the next 10-15 years to make Silverstone the best motor racing venue in the world. Spectre is ready, and is capable of delivering that requirement."

Speight warned BRDC members against the board’s current plan of disposing of land in "key parcels" which he claims would result in "a non-income producing, patchwork quilt of development with a host of ownerships".

"We are ready to unveil our vision and passion for Silverstone," he said, "And we look forward to presenting our case to the BRDC members so they can compare Spectre’s offer with the board’s self-development policy and all the potential risk it poses for the club and its members."